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Using AI to Detect Fraudulent Transactions could be Powerful
Written by Karl Kaluza
on December 12, 2023

The current state of quantum computing is mostly still in the lab. Except for some very special use cases, it hasn't gone mainstream. That is expected to change within the next few years. But what is quantum computing?

Quantum computers are the most powerful computers ever created. To get an idea of how powerful it is, in 2019, Google created a prototype quantum computer that solved a problem in 200 seconds, which would have taken a traditional computer 10,000 years. Quantum computers can also process data 10 million times faster than the most powerful supercomputers.

The tech is vastly different as well. Quantum computers require quantum processes, work with qubits (quantum bits) instead of bits, and hold data in a superposition state. At the very least, there is certainly a learning curve when it comes to quantum computers.

Too Much Power In the Wrong Hands

All of this power in the wrong hands can create many problems. It has been theorized that quantum computers can easily decrypt some of today's strongest encryptions. Bad actors will certainly want to exploit such technologies. Many bad actors are thought to be holding encrypted data, waiting for quantum computing tech to catch up so they can decrypt it.

Quantum Computer in Banking

Quantum computing will bring many advantages to the banking industry. It will be able to move money far faster than current technologies. Risk management and fraud detection are two other areas that will benefit from quantum computers.

Quantum computers can process large, unstructured datasets, provide deeper analysis, and potential solutions to complex risk management problems. While real-time fraud detection is possible today using artificial intelligence, quantum computers will enhance these processes, allowing them to bring in far more data points. Given the computing power necessary to process more data points while remaining real-time, quantum computers should be able to greatly increase fraud deterrence and detection.

 

 

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